Podcast
Questions and Answers
What is a key characteristic that differentiates entrepreneurial businesses from small businesses?
What is a key characteristic that differentiates entrepreneurial businesses from small businesses?
- Small businesses primarily operate in multiple industries.
- Entrepreneurial businesses show novelty in their offerings. (correct)
- Small businesses prioritize market expansion.
- Entrepreneurial businesses focus on established products.
Which of the following represents the calculation of personal characteristics of successful entrepreneurs?
Which of the following represents the calculation of personal characteristics of successful entrepreneurs?
- Self-efficacy and adaptability (correct)
- Wealth accumulation and experience
- Pessimism and decision-making under pressure
- Risk aversion and conformity
What is the relationship between planning and action in starting a business?
What is the relationship between planning and action in starting a business?
- Success depends on the combination of planning and action. (correct)
- Effective businesses require minimal planning.
- Planning leads to immediate financial success.
- Action is only necessary after developing a business plan.
Which notion is associated with the entrepreneurial process?
Which notion is associated with the entrepreneurial process?
Which statement best reflects the nature of entrepreneurship?
Which statement best reflects the nature of entrepreneurship?
What is a common behavior of small business owners?
What is a common behavior of small business owners?
What is an important mindset for aspiring entrepreneurs mentioned in the content?
What is an important mindset for aspiring entrepreneurs mentioned in the content?
What is a typical outcome of the entrepreneurial process?
What is a typical outcome of the entrepreneurial process?
What type of entrepreneurship focuses on ecological issues?
What type of entrepreneurship focuses on ecological issues?
Which of the following best describes necessity-driven entrepreneurship?
Which of the following best describes necessity-driven entrepreneurship?
Which nations are categorized as factor-driven economies?
Which nations are categorized as factor-driven economies?
Which term refers to businesses that have significant roles in bringing new products or services to market?
Which term refers to businesses that have significant roles in bringing new products or services to market?
What do we call the collective types of corporate, social, and independent entrepreneurship?
What do we call the collective types of corporate, social, and independent entrepreneurship?
What is the term for businesses that aim for high-value-added manufacturing within a large service sector?
What is the term for businesses that aim for high-value-added manufacturing within a large service sector?
What is the characteristic feature of serial entrepreneurs?
What is the characteristic feature of serial entrepreneurs?
What type of firms are over 1 million in number in the Philippines?
What type of firms are over 1 million in number in the Philippines?
What is a key strategy entrepreneurs are encouraged to adopt when faced with challenges?
What is a key strategy entrepreneurs are encouraged to adopt when faced with challenges?
Which approach is suggested for entrepreneurs to adapt their business strategy?
Which approach is suggested for entrepreneurs to adapt their business strategy?
What characteristic is highlighted as important for overcoming failure in entrepreneurship?
What characteristic is highlighted as important for overcoming failure in entrepreneurship?
What concept is described as a strategy to create new opportunities in business?
What concept is described as a strategy to create new opportunities in business?
How can small businesses effectively expand their market reach?
How can small businesses effectively expand their market reach?
What role does innovation play in an entrepreneur's success?
What role does innovation play in an entrepreneur's success?
Which of the following strategies is not advisable for entrepreneurs when starting a business?
Which of the following strategies is not advisable for entrepreneurs when starting a business?
Which factor is cited as a significant aspect of an entrepreneur's journey?
Which factor is cited as a significant aspect of an entrepreneur's journey?
What defines a 'unicorn' in the context of high-growth ventures?
What defines a 'unicorn' in the context of high-growth ventures?
Which growth strategy involves a firm intending to provide the owner with a high income through superior sales or profits?
Which growth strategy involves a firm intending to provide the owner with a high income through superior sales or profits?
Which of the following statements reflects a common myth about small businesses?
Which of the following statements reflects a common myth about small businesses?
According to the BRIE model, which element is NOT one of the four necessary for starting a business?
According to the BRIE model, which element is NOT one of the four necessary for starting a business?
What type of businesses are noted for causing 'creative destruction'?
What type of businesses are noted for causing 'creative destruction'?
What best describes the sales figures for high-growth ventures?
What best describes the sales figures for high-growth ventures?
Which strategy is NOT typically associated with high-growth firms?
Which strategy is NOT typically associated with high-growth firms?
Which statement regarding small businesses is true?
Which statement regarding small businesses is true?
What defines a micro enterprise in terms of asset value and employee count?
What defines a micro enterprise in terms of asset value and employee count?
Which asset range corresponds to a small enterprise?
Which asset range corresponds to a small enterprise?
What is the primary intent of a lifestyle or part-time firm?
What is the primary intent of a lifestyle or part-time firm?
What distinguishes a traditional small business from a lifestyle firm?
What distinguishes a traditional small business from a lifestyle firm?
Which of the following describes a medium enterprise based on asset and employee metrics?
Which of the following describes a medium enterprise based on asset and employee metrics?
What defines a high-performing small business?
What defines a high-performing small business?
What is the employee range for small enterprises?
What is the employee range for small enterprises?
What is a key characteristic of large enterprises?
What is a key characteristic of large enterprises?
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Study Notes
Entrepreneurship
- A process of developing new products or services.
- The capacity for innovation.
- Involves creativity and adaptation to the environment.
- Requires calculated risk-taking with correct decision-making.
- Can be divided into thinking new ways (creativity) or doing new ways (innovation).
Starting a Small Business
- Belief in your ability to succeed is crucial (self-efficacy).
- Planning and action lead to success.
- Seek help from various resources for support.
- Many paths can lead to entrepreneurship.
- The entrepreneurial process involves a similar start-up process for many firms.
Types of Entrepreneurs
- Independent Entrepreneurship: Self-employed founders.
- Social Entrepreneurship: Founders of nonprofits or for-profit social ventures.
- Sustainable or Green Entrepreneurship: Focus on ecological issues.
- Corporate Entrepreneurship: Bringing new products or services to market within a company.
- CSI Entrepreneurship: A combination of social, independent, and corporate entrepreneurship.
Types of Economies
- Factor-Driven Economies: Focus on extracting resources (e.g. Pakistan, Jamaica, Venezuela).
- Efficiency-Driven Economies: Focus on industrialized economies (e.g. Russia, Brazil, China).
- Innovation-Driven Economies: Focus on high-value-added manufacturing with a large service sector (e.g. United States).
Entrepreneurial Firms in the Philippines
- Over 1 million entrepreneurial firms in the Philippines.
- Classified as SMEs (Small and Medium Enterprises), independent small businesses, or owner-managed firms.
- Micro Enterprise (PHP 3,000,000 or less in assets and 1-9 employees).
- Small Enterprise (PHP 3,000,001 to PHP 15,000,000 in assets and 10-99 employees).
- Medium Enterprise (PHP 15,000,001 to PHP 100,000,000 in assets and 100-199 employees).
- Large Enterprises (Over PHP 100,000,001 in assets).
- Some entrepreneurs become serial entrepreneurs.
Entrepreneurial Firms in the US
- Lifestyle or Part-time Firms (Sales of $25,000 a year or less).
- Traditional Small Businesses (Sales between 25,000and25,000 and 25,000and100,000).
- High-Performing Small Businesses (Sales between 100,000to100,000 to 100,000to1,000,000).
- High-Growth Ventures (Sales of over $1 million).
- Unicorns (High-growth ventures with a valuation of $1 billion or more).
Myths about Small Businesses
- Not enough financing available (many options exist including crowdfunding and P2P lending).
- Need to manufacture something to make a profit (service industries are successful).
- Failure means you can never try again (successful entrepreneurs often fail before achieving success).
BRIE Model for Starting a Business
- Four essential elements: boundary, resources, intention, and exchange.
Small Businesses and the Economy
- Create new jobs, especially for those with non-traditional work histories.
- Introduce new ideas and goods, which can disrupt existing markets (creative destruction).
- Create opportunities for entrepreneurs, customers, and larger businesses.
- Find new markets through importing and exporting.
- Engage in virtual instant global entrepreneurship (VIGE) through e-commerce.
Entrepreneurial Challenges and Solutions
- Try again if you don't succeed (perseverance).
- Scale back to match your resources.
- Use effectual reasoning (bird in the hand).
- Consider pivoting to a different market (corridor principle).
- Test markets outside of your local area.
- Seek help from others through crowdsourcing.
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